ESEF COMPLIANCE 100%
Recently, Semansys went through and verified our ESEF compliance. Through this process we found and realized many different answers to “Are we ESEF compliant?”.
What is ESEF?
The European Single Electronic Format (ESEF) is the electronic reporting format introduced by the European Securities and Markets Authority (ESMA) in which all issuers, with securities listed on EU regulated market are required to submit their financial reports starting from 1st Jan 2020. The ESEF taxonomy is basically an extension of the IFRS taxonomy. The aim of introducing ESEF is to make reporting easier, enhance the transparency, accessibility, and enable analysis of annual financial reports easily in Europe.
What is iXBRL?
The inline XBRL (iXBRL) is an electronic reporting format introduced by XBRL International in which all reporting agencies can take advantage. It has two major benefits over XBRL; A) The output format is XHTML which allows the end user to “design” the format to their liking and B) The XBRL data is still available in a machine readable format by parsing the XHTML picking out the relevant “tagged” data elements.
What does the compliance suite contain?
Neither ESMA or XBRL International provide certification for ESEF, however they do provide conformance suites. These conformance suites (ESMA and iXBRL) include the relevant test case data and expected results. Software vendors can use this test suite to supplement their own testing and validate their software is conformant for the validation of ESEF reports. But this is not the complete story, creating extension taxonomies are a large part of ESEF reporting. Even though you may pass the validation conformance test suite, you still don’t have a guarantee on the conformance of extension taxonomies created since there are no test cases in the conformance suite only to validate the output.
ESMA Conformance Suite Results
ESEF Extension Taxonomy
Please note the codes overlap with the ESMA suite provided above.
iXBRL Conformance Suite
Therefore, we’re happy to confirm that we are ESEF and iXBRL conformant based on the provided conformance suites targeting validation. It is part of our core library therefore available within all Semansys software (xbrlOne and Compliant). And we’ll continue to work on and prioritize with customers the features necessary for ESEF Extension taxonomy creation.
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